If the federal government runs a budget deficit, but the budget deficit as a percent of GDP is less than the growth rate of real output, the:
a. national debt will decrease as a share of GDP.
b. national debt will remain a constant share of GDP.
c. national debt will increase as a share of GDP.
d. size of the national debt (in dollar value) will decline.
a
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The formal study of economics began when Adam Smith (1723–1790) published his famous book The Wealth of Nations in 1776 . In the first chapter of The Wealth of Nations, Smith introduces the idea of the division of labor. Define "division of labor" and illustrate with an example
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A. rise; long B. rise; short C. fall; long D. fall; short
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Indicate whether the statement is true or false